Approving Industrial Development Revenue Bonds Hoosier Spring Co

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NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, that: Section 1. The form and terms of the Lease and Trust Indenture and Industrial Development Revenue Bonds pertaining to Hoosier Spring Co., Inc. Project and the issuance of the Industrial Development Revenue Bonds pursuant thereto are hereby approved and adopted. Section 2. Said forms of Lease and Trust Indenture together with Industrial Development Revenue Bonds which are on file with the Commission are hereby incorporated by reference into this Ordinance, and said forms shall be inserted into the minutes of the Common Council of the City of South Bend, Indiana, and shall be kept on file by the City Clerk of South Bend, Indiana. Section 3. Said Lease and Trust Indenture shall be executed on behalf of the City of South Bend, Indiana by the Mayor and City Clerk and sealed with the corporate seal of such City. Section 4. Said Industrial Development Revenue Bonds, payable solely and only from the revenues derived from such Hoosier Spring Co., Inc. Project pursuant to the aforementioned Lease and Trust Indenture may be issued in amounts not to exceed Three Hundred Seventy -five Thousand Dollars ($375,000.00) repayable with interest thereon at the rate of six and three - fourths per cent (6 -3/4 %) per annum semi - annually, with fifteen (15) separate bonds being issued in the amount of Twenty -five Thousand Dollars ($25,000.00) each, one of which bonds shall mature at the expiration of each year after the date of issuance of such bonds during such fifteen (15) years period, all in accordance with the terms of said Lease and Trust Indenture and that such bonds shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and City Clerk of South Bend, Indiana, and shall be sealed with the corporate seal of said City. Section 5. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approved by the Mayor. 1st READING G ^i a? -2-9 PUBLIC HEARING 4-a 9.. J 8 2nd READING 6 -02 9 - i8 NOT APPROVED REFERRED PASSED '�;-.Q f 7 If Member of the Common Council �N C[ERK'S QF'F't JUN 71978 Irene Gammon 11-Ty CLERK, SOUTH BEND, IND.